Building Employee Trust: A New Equation

In this competitive business world, gaining employee trust and maintaining it is crucial, as it significantly impacts the company’s revenue generation and reputation as an employer in the marketplace. Trust is the confidence or belief a person feels toward a particular person or group and in today’s business there is an increased propensity to develop trust in an organization as business is built through fruitful relationships. Businesses with increased trust levels are more profitable and have higher shareholder value than those firms with low trust level because workers with great trust in their management/organizations persistently endeavor for excellence, communicate effectively, find solutions to problems, put in extra effort in their work and bring about positive change in the organization and in the financial performance of the company. It is a prerequisite of the management to make trustworthiness a top priority in an organization. Such prioritization paves the way for employees to work towards achievement of shared goals, and creates an engaging work culture, which leads to achievement of business success and booming profits. To succeed in today’s competitive business scenario, it is essential that employers take initiatives to establish and preserve trust among their employees. This is even more crucial in organizations where trust is ‘injured’ or eroded because businesses are strongly built on the basis of effective relationships. In a nutshell, it is a prerequisite for a management to constantly practise trust management and prioritize trustworthiness in order to gain competitive advantage and profits through high workforce performance excellence.